Cronheim Mortgage arranged $10 million financing for 277 and 281 Witherspoon Street in Princeton, NJ.
The 10-year loan was structured with three years of interest only payments and amortizes over a 30-year schedule.
Cronheim brokered the loan on behalf of HP Witherspoon, an affiliate of Princeton-based Herring Properties.
Built in 1984, 281 Witherspoon is a fully leased, three-story office and retail building gut renovated in 2014. 277 Witherspoon is a recently completed two-story building 55 percent pre-leased to a variety of users, including a private equity firm, internal medicine practice, yoga studio, pediatric group, law office, rheumatologist, and financial advisor, among others.
